New Delhi: State-owned Punjab & Sind Bank on Tuesday reported a 32 percent increase in net profit to Rs 457 crore for the fourth quarter ending March 2023, helped by a decline in bad loans.
The bank's profit stood at Rs 346 crore in the January-March quarter of 2021-22. (Also Read: Where is Jack Ma? Reports Say Alibaba's Founder Is Now A Professor)
In a stock exchange filing, the lender said gross non-performing assets (NPA) declined to 6.97 percent in the fourth quarter from 12.17 percent a year ago. (Also Read: Amazon Great Summer Sale 2023: Best Deals On Mid-Range Smartphones)
Similarly, net NPAs reduced to 1.84 percent from 2.74 percent.
Punjab & Sind Bank also reported its highest-ever net profit in a fiscal at Rs 1,313 crore, up 26.37 percent annually. The net profit was Rs 1,039 crore in 2021-22.
The bank's shares closed at Rs 37.35 apiece on BSE, up 3.84 percent.
